Agr Real Estate Cancellation
CANCELLATION AGREEMENT
This Cancellation Agreement (the "Agreement") is entered into this 3>'>'i day of May,
2004, by and between Rachel Morrison and Harold Morrison, Trustees Under the Rachel
Morrison Trust Number One Dated March 1, 1978 (the "Morrison Trust") and the City of Salina,
Kansas (the "City").
RECITALS
A. The Morrison Trust and the City are parties to a certain Lease and Agreement to
Sell Real Estate dated September 22, 2003 (the "Contract") relating to the current lease and
ultimate purchase by the City from the Morrison Trust the following described real estate located
in Saline County, Kansas:
The West Half of the Northwest Quarter (W/2 NW/4) of Section Six (6),
Township Fourteen (14) South, Range Two (2) West of the Sixth (6th) Principal
Meridian, Saline County, Kansas, except a tract of land described as follows:
Beginning at the Northeast comer of the West Half of the Northwest Quarter
(W/2 NW/4) of said Section Six (6);
thence South along the East line of the West Half, a distance of Six Hundred
(600) feet and no hundredths;
thence West parallel with the North line of said Northwest Quarter, a distance of
Three Hundred Fifty and no hundredths (350) feet;
thence North parallel with the said East line a distance of Six Hundred and no
hundredths (600) feet to a point on the said North line;
thence East along said North line a distance of Three Hundred Fifty and no
hundredths (350) feet back to the point of beginning.
The above described legal description would also except Highway right-of-way
and Flood Control right-of-way.
(the "Real Estate")
for use as a public park for the development and operation of a soccer complex.
B. The City's consultants, after considerable testing and analysis, have concluded
that the Real Estate is not suitable for development of the soccer complex envisioned at the time
the Contract was entered into.
C. It is now the desire of both the Morrison Trust and the City to cancel the Contract
and to restore the Morrison Trust as nearly as possible to those circumstances existing at the time
the Contract was entered into.
THEREFORE, the parties agree and covenant as follows:
1. Cancellation of Contract. Upon execution of this Agreement and payment by the
City to the Morrison Trust of the sum provided for in Paragraph 2, the receipt of which is
acknowledged by the trustees of the Morrison Trust, the Contract shall be cancelled and shall be
of no further force and effect.
2. Settlement of all Monetary Matters. In full settlement of all matters between the
parties pertaining to the operation and cancellation of the Contract, the City agrees to pay to the
Morrison Trust upon execution of this Agreement the following sums:
a.
Rent installments of $541.66 per month for
the months of June and July 2004.
$1,083.32
b.
Real Estate taxes for 2004 (based upon 2003 tax).
$ 354.12
c.
Settlement for all other expenses either incurred
or anticipated by the Morrison Trust in resuming
possession and agricultural use of the Real Estate.
$5,000.00
$6,437.44
3. Escrow Account. The parties hereby request that Mid-Kansas Title Co., Inc.
cancel the contract purchaser's title insurance commitment issued and terminate the escrow
account established on the basis of the Contract. The parties agree to execute any documents
necessary to carry out the intent of this paragraph.
4. Possession. The City shall relinquish to the Morrison Trust all rights of
possession of the Real Estate upon execution of this Agreement.
5. Extent of Agreement. This Agreement shall be binding upon the successors of the
respective parties hereto.
IN WITNESS WHEREOF, the parties have executed this Agreement to be signed by its
duly authorized officers and trustees on the day and year first above written.
CITY OF SALINA, KANSAS
By: ~ ~ /\..."
Dennis M. Kissin er, C" y Manager
RACHEL MORRISON TRUST NO. 1
Dated March 1, 1978
By:
fa ðuJ2 Tn ~
Rachel Morrison, Trustee
By:
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